EnBW Energie Baden-Württemberg took another important step towards the expansion of renewable energies with the acquisition of all shares in PROKON Regenerative Energien. As part of a bidding process, the company made a binding offer to the insolvency administrator of PROKON and was subsequently selected by the PROKON creditors’ committee as the preferred investor for the investor model on 12 May 2015. The purchase price offered comprises a sum of around EUR 500M in cash payment.
“As part of our ‘EnBW 2020’strategy, we want to expand our business in renewable energies more than three-fold and make it one of the main pillars of the future EnBW. The acquisition of PROKON would bring EnBW a significant step closer to achieving this goal.”, explained CEO Frank Mastiaux.
Photo courtesy of EnBW
Following the decision by the PROKON creditors’ committee, the binding offer from EnBW will be presented as one of two recapitalisation options to the PROKON creditors’ meeting due to be held to discuss and vote on the options at the beginning of July 2015. The PROKON creditors’ meeting will then decide whether PROKON will continue as a co-operative together with the current profit participation rights holders or whether the recapitalisation will take place through the acquisition of 100% of the shares by EnBW.
